Gold prices in Dubai reached a record high on Wednesday, rising by Dh2.75 per gram.
The 24K gold variant hit Dh322 per gram, surpassing the previous high of Dh319.5 set on Tuesday. Other gold variants—22K, 21K, and 18K—also reached all-time highs of Dh298.0, Dh288.5, and Dh247.25 per gram, respectively.
The surge in gold prices is attributed to the U.S. Federal Reserve’s recent interest rate cuts and geopolitical tensions in the Middle East.
Analysts expect the rally to continue, driven by inflows to exchange-traded funds (ETFs), further rate cuts, and strong demand for gold from central banks in emerging economies. Geopolitical risks and investor preference for safe-haven assets are also contributing to the upward trend.